Global Online Job Advertising Soars
According to a recent report titled “Online Job Advertising Market Update” by Staffing Industry Analysts, the global online job advertising market experienced a significant increase in value in 2022, reaching $36.1 billion. This represents a 16% growth compared to the previous year. Since 2015, the market has been steadily expanding at a compound annual growth rate of 15%, as measured by SIA.
Out of the total market value, the 50 largest companies collectively generated $29.1 billion in revenue, accounting for 80% of the global market share. Impressively, the two largest firms alone commanded a substantial 45% share of the market.
The report also highlights the rapid expansion of artificial intelligence (AI) applications within online job advertising. Various use cases for AI were identified, including candidate fraud detection, AI-powered chatbots for client interactions, automated writing of job advertisements, filling job applications, and generating cover letters.
Based on the report’s findings, the top five global online job advertising firms in terms of revenue for 2022 were as follows:
Microsoft (LinkedIn) – $8.28 billion, capturing a 23% market share.
Recruit Holdings (Indeed) – $8.03 billion, holding a 22% market share.
Axel Springer (Stepstone/Totaljobs/Jobsite) – $1.60 billion, representing a 4% market share.
Seek – $957 million, constituting a 3% market share.
ZipRecruiter – $905 million, also occupying a 3% market share.